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Transcript

The Cost of Dating Your Boss. · The Curve

0:00
Welcome to the Curve Weekly. This is our podcast where we read the finance news so that you don't have to.
0:05
I'm Rick Harris, ex-fund manager, finance expert and it's my birthday.
0:10
And I'm Sophie Hallwright, I am a beginner investor but learning lots alongside you.
0:18
In today's episode we talk about the much anticipated Nvidia result and I've got a little prediction for the stock market.
0:25
Warren Buffer is 95, he's one of the most famous investors of all time and he always invests in a particular way but he is now invested away from his usual strategies.
0:34
We talk about what he's invested in and why now.
0:37
We've got a world first but anyone who is interested in fashion there is a new asset class that you can invest in.
0:42
The UK has banned reselling tickets. We talk about what this means for the music industry but most importantly two businesses that aren't massively suffering because of it.
0:51
And we finish off with the cost of dating your boss which is more expensive than you might think.
0:56
Yes, but before we dive in they can I have done a really naughty thing we've done a clothing haul and we need to probably just admit that to the audience before we move on to more high brow conversation.
1:09
We did a really naughty thing yesterday didn't we, but some friends of ours have a beautiful fashion label and their office is literally opposite ours.
1:18
Like a meter away it's dangerously close.
1:20
We were always like morning, morning and then yesterday they were like, hey girls, do you want to come in and do some shopping?
1:26
And we're on our way to meeting and I was like, so.
1:30
Like Dr. and honestly it was like the highlight of my week.
1:33
I was like, you know a sample sale it brings out the worst of all of us.
1:36
We were stripping off there was like G string just like, so I was but was in my face.
1:41
Like it was like they were working and I was standing there in my bra and underwear like a G string just like going for it.
1:48
And it was just one of those time but like there was so much cool stuff and it's like when it's discounted.
1:53
It kind of it's crack you're like my skin all over.
1:56
I mean to leave about three times and kind of was like, oh just one more check just make sure there's nothing that I've missed.
2:01
But got some really cool stuff.
2:03
I'm having buyers or more badly because I think I just always buy the same stuff.
2:07
I always get pants and like, you wear pants.
2:10
You know, like they've got the gorgeous dresses but like you wear them once or twice.
2:13
Well said when you left you left me to my own devices and unfortunately I found a dress.
2:18
Oh nice, put it on but I have not even got a wedding to go to.
2:21
I'm like, where do you think you're going to be wearing that on the podcast?
2:24
You know, like it's so dumb.
2:27
Spend your money on things that you're actually going to wear a lot but came in and she's like,
2:31
I'm surprised you're not in your in your outfits today.
2:34
It's because I bought all summer clothes and we're in the middle of winter.
2:37
I'm wearing ski gloves at this point.
2:42
Do you want to wear a beard?
2:44
Well, I wore like woolen socks and a beanie with full pajamas and we had our heaters on.
2:49
The beanie into bed.
2:50
Yeah.
2:51
I went under the cover like I did the like childish, like can't have any part of my skirt.
2:55
You know when you don't want to move because you know that the like little bit over there is so cool.
2:58
You have someone in your bed who's technically that's like a hot water bottle.
3:01
Yeah, I was just so cool.
3:03
Now we've got some very exciting news items actually to talk about today.
3:08
Don't go a lot.
3:09
There's a lot.
3:10
You can't get distracted.
3:11
I won't.
3:12
I will listen so intently.
3:13
I've had a tea, which isn't really a whole lot of caffeine, but what's happening?
3:17
So NVIDIA had their NVIDIA had their financial result.
3:22
But those who don't know, NVIDIA is the AI darling.
3:25
Like it is the poster child.
3:27
Like if it sneezes, you know, AI falls off a cliff kind of thing.
3:30
I don't know, AI gets a cold.
3:33
It works.
3:34
It does.
3:35
It sneezes because it gets such a fright.
3:37
Anyway, it had a result.
3:40
And initially the day after.
3:43
So it has a result and then the market opens and then this year's trade and people are like,
3:47
woohoo, great result.
3:48
Before we move on to what you're about to say to ease, the reason everyone thinks we're home is because
3:53
when companies report their results, it's kind of like their financial scorecard
3:57
that they get to show investors.
3:59
And then investors get to decide if they invest or not based on their results.
4:02
And it's like when a stock has done so well, there is a lot of anticipation and expectation
4:08
in the company producing a good result to justify, I guess, the share price movement.
4:14
Because remember, share prices are forward looking and so people want, you know,
4:19
you want to see the growth that the share price has effectively dictated.
4:24
If that doesn't come through and, you know,
4:27
Nvidia had put out a result that wasn't as good, the share price would obviously fall
4:31
because people are expecting this and then now it's coming at this.
4:34
So there's a bit of a re-adjustment.
4:36
That wasn't the case with, well, sorry, I take that back.
4:40
Nvidia initially, it runs expectations.
4:43
But where we are right now in terms of this AI race, people are increasingly nervous
4:51
and the share price did well initially, but now is not.
4:56
And that, to me, says there's a lot of people that are like,
4:59
this is probably the last hurrah, I'm going to take some profits.
5:03
And if you think about like a roller coaster analogy and you're on a roller coaster
5:10
and you know when it goes up and up and up and up and you hear that.
5:13
Another thing is that it gets me, oh my god.
5:16
And you know the higher it goes, the further you have to go down,
5:20
this is kind of, I feel like we're in the last kind of phase.
5:24
The last two clicks.
5:25
The last few clicks.
5:27
And everyone's trying to pick, you know, that last click.
5:29
But it's like what goes up must come down.
5:31
Yeah.
5:32
But also what you said just before when you said, share prices are forward looking.
5:38
This is something that honestly I struggled with for a long time.
5:40
So if you're new to this podcast, I want to just explain that.
5:43
The price that you see the business now.
5:45
So let's say Nvidia, what is the share price? 180.
5:48
So at the time we're recording this, it's 180 US dollars or share, 180 US dollars.
5:53
So the price today is what investors think the future of that business is going to be worth.
5:59
So it's not a like for like where that share price is a reflection of the value today.
6:05
It's what investors think it will be in the future.
6:08
Yeah.
6:09
And that the whole, I guess that's something that took a while for me to get around.
6:12
But that's kind of why no one knows what's going to happen with investing or share prices
6:16
because it's what people, heaps individuals think a business is going to be worth.
6:21
Then it's not actual data.
6:23
If the share price was a direct reflection of the actual company at this minute,
6:27
it wouldn't be a guessing game, right?
6:29
Because it would be almost like, well, the data says that this is its value.
6:32
So therefore these shares are worth this.
6:34
Yeah.
6:35
And it's like, that's why we always invest in companies that we think will be bigger
6:39
and better in the future.
6:40
Yeah.
6:41
We want to see growing prosper because we're thinking about the future.
6:43
And it's like, but that's why when results do come out, there is usually a bit of volatility or movement
6:48
because it does change either, you know, the profit growth you might think goes like up like this.
6:57
But then you get the results out and you're like, oh, actually, it's a bit lower.
7:00
Do you know what I mean?
7:01
So you're still looking at the future, but the growth rate might not have been what you expected
7:05
because of current data that you've got.
7:07
And that's why when companies release their financial results, the most important in my opinion,
7:12
the most important part of that result is the outlook or the commentary around like what company thinks the future,
7:20
the future year's profits will be.
7:22
Yeah.
7:23
And that's their kind of, I guess, public statement, right?
7:26
When they say, this is our result and this is what we're projecting.
7:29
And if they are like, oh, we think we're going to, you know, it's looking like an incredible environment.
7:35
We're going to continue to go from strength to strength.
7:37
They're a huge green flag for investors.
7:39
They're like, awesome.
7:40
And also, it's so funny because there might be people listening that think, yeah, well, we are said they're going to say that
7:45
because then they want the share price to do well.
7:46
But let's just say you did that once, let's say we were a publicly listed company and we said,
7:52
we're going to trouble our profit, killing it in six months,
7:55
and then it comes out and it's actually not.
7:57
Yeah.
7:58
Investors lose the kind of faith in what they're going to, what the truth is.
8:02
So I guess my point is you've lost credibility as a management team.
8:06
Yeah, like you're not, yes, you might immediately in that first period of time,
8:10
getting uplift in your share price, but like if you can't deliver an investor's see that
8:14
no one's going to trust what you have to say or get.
8:16
And so you can't really manipulate what you actually think your future looks like.
8:21
Because if you overinflate it and then it's not the case and that doesn't actually eventually.
8:27
Yeah.
8:28
Next time you say everyone's going to be like, well, you didn't last time.
8:30
So they won't believe you now.
8:32
Right.
8:33
So basically in the office yesterday when we started talking about this,
8:37
we were like, okay, cool.
8:39
This is interesting news, but what do you actually think that this means for AI,
8:43
for the market, and you had a rather interesting perspective on this?
8:47
Would you like to share it with the class?
8:49
Oh, isn't this the top of the market?
8:51
Yeah.
8:52
I'm in a huge call based on one result.
8:56
No, but the stock market did fall yesterday,
8:59
mainly being dragged down by NVIDIA because it's down about 3%.
9:02
I just think there's been so much exuberance that I think we're nearer to the top.
9:08
I can't really hear it.
9:09
I'm trying to be really cool with it.
9:11
Yeah.
9:12
No, I just think like this was a great result.
9:15
And the fact that the share price is down, people are getting a bit like,
9:19
because normally that wouldn't be the case.
9:21
No, well, it's like, if you keep beating expectations and you have to keep beating them
9:26
by more and more and more to move the share price every time,
9:30
so it's like, they've come out in their bet what people would've thought
9:34
but it still wasn't enough.
9:36
Do you know what I mean?
9:37
Like you kind of put a rod in your own back kind of thing.
9:39
Oh, I hate that.
9:40
Yeah, yeah.
9:41
And the fact that it's down and it was such a good result
9:43
just makes me think people are taking profits and they're kind of like,
9:46
you know what, maybe this is...
9:47
I mean, so many people I've spoken to lately have said they're pulling money out.
9:52
I know that that is absolutely not a yardstick for the entire population who are in theirs.
9:57
Yeah.
9:58
But everyone is starting to feel scared.
10:00
Well, it's just like, you just look at some of the...
10:02
The tip.
10:03
Yeah, yeah.
10:04
And we're not here to be like, time the market.
10:06
Like, of course, if the market falls tomorrow and you keep investing, awesome.
10:10
You're buying shares at a cheaper price.
10:13
Like, awesome.
10:14
If it doesn't fall for another three years and you've taken your money out,
10:17
you've missed out on another three years of returns.
10:20
So the best strategy is always just to keep investing no matter what the weather.
10:25
But I'm just saying, I think, yeah, you're right.
10:29
There is a lot of people that are kind of taking profits.
10:32
When you look at some of the stocks in my portfolio that are up like 50%, 60%.
10:36
Like, that is outrageous.
10:38
Yeah.
10:39
To keep doing that for another three, four years.
10:41
That's what I mean.
10:42
I'm kind of like, how do you not cash in on those things?
10:45
And what Emily R. producer asked me yesterday.
10:48
Very good question.
10:49
She was like, would you sell out of Nvidia, for example, and buy it back at the bottom?
10:53
And I was like, well, yes, if I was that genius and I could time the top perfectly
10:57
and the bottom perfectly.
10:58
But then I said to her, I was like, for me, if I found an incredible opportunity
11:02
that I thought was, you know, had more growth potential than Nvidia,
11:07
then yes, I would sell my Nvidia shares and put it into that.
11:09
Because that's what you do as a fund manager, as you're constantly looking.
11:14
Okay, this is run its course or done it, you know, had its growth.
11:18
And now this one down here might be a healthcare company.
11:20
It might be like, you know, really defensive company.
11:23
Because I think that the next few years is going to be a bit more low growth.
11:25
And so this company is going to outperform.
11:27
You know, like you're constantly looking at the environment in terms of the economic environment,
11:32
the industry, the company, and trying to figure out which one's going to do well for the next few years.
11:37
Yeah.
11:38
I mean, the last thing you want to do, if you're a, you know,
11:40
so if you're all right or someone else who's just trying to sort of figure it all out,
11:43
invest as best you can, but probably not a professional is to take profits
11:48
and then not put it in something else.
11:50
Because then you're just missing out on gains elsewhere.
11:53
And I think that's probably what happens more often than not when it comes to people
11:57
who aren't necessarily professional investors, because I don't cash or put it in the back.
12:00
Yeah, which is almost the last place that it should be.
12:02
Because like for me, even if I, I mean, I had invested in Nvidia,
12:06
I don't think I have any, I mean, I'm in the S&P 500,
12:09
but I'm sure I don't have any other money there.
12:11
But the point is, as if I did pull it out, I don't feel like I'm on this treasure hunt
12:16
to find the next big thing that's going to get me, but you know, that's the problem.
12:19
And that's why being diversified is like the best way to invest, right?
12:22
Because you're like, if you own the S&P 500 and you're already invested in those companies,
12:26
that will probably be do well when the video doesn't.
12:28
Like you're already backing those winners.
12:31
If you're listening to this and you're like, oh gosh, what should I do?
12:33
Yeah, just do nothing.
12:35
Yeah.
12:36
Now, I'm a bit concerned about the fact that we have a lot to get through.
12:41
So Warren Buffett, he is one of the world's most famous investors.
12:44
Yes.
12:45
He's 95.
12:46
Yeah.
12:47
He owns a ginormous investment firm called Birchahathaway.
12:50
Yeah.
12:51
And they, it has done incredibly well outperformed S&P 500.
12:54
Pretty much every year for the last 30 years.
12:56
Anyway, he has built that business and the success of that business
13:00
on an investment strategy, which is effectively investing in like boring business.
13:05
You know, and the business is that everyone forgets about, but that kind of stand the test of time.
13:09
He's always said that his, his period that he holds these companies for is forever.
13:13
Like he's, he's a very, very long term.
13:16
He's the desert island investor.
13:18
Yeah.
13:19
And he is, would we say almost allergic to technology companies?
13:22
He has always said he gets asked all the time why he has invested in tech.
13:27
I remember like tech companies have done fantastically well over the last few years.
13:33
And sort of he's missed out on all of that.
13:35
I was going to say I'm kind of impressed he still managed to do so well and avoid what has moved the market
13:41
more than any other company.
13:43
Well, he's got a strategy that's worked and stood the test of time through multiple market cycles,
13:48
economic cycles.
13:49
And as soon as you change that, it's almost like stick to your knitting, right?
13:53
For example, if you're really good at tapestry and then you decide to start using an overlock machine.
13:59
Yeah, that was the worst example either.
14:01
But pointers, if you're good at something and you know how to do it, it can be quite dangerous to sidestepping
14:06
to something else, which is why this is the weirdest thing ever, which we're about to talk about.
14:10
He's just bought nearly $5 billion worth of Google, which is a tech company.
14:16
Yeah, the biggest tech company in the world, arguably one of them.
14:20
And I mean, he's got $382 billion in cash.
14:24
So $5 billion a lot, but in the scheme of things, not a lot in terms of his wallet.
14:30
But yes, he has bought shares in Google, Google share price went up.
14:35
And everyone's like, why now?
14:37
You know, we just had this whole conversation on this podcast about the AI race and where we are in terms of this AI bubble.
14:44
And like honestly, you can't even open a newspaper without some kind of AI bubble headline.
14:50
And yet he has invested in the company that is probably, in my opinion, one of the ones leading the race in terms of AI.
15:00
And you're right, one of the most obvious tech companies in the world.
15:03
And he's been a tech avoider for so long.
15:06
And he's also about to leave Berkshire Hathaway, hand over the reins for someone else.
15:11
So either he's doing them a total...
15:13
He's doing a massive shit for him.
15:16
But of a mic drop or...
15:19
Yeah, he genuinely thinks that for the next Brewer period, Google is going to continue to grow and outperform.
15:26
I think the weirdest part of this is if he had invested for the first time in a tech business when Nvidia was tiny,
15:34
or when Google was tiny, or something else that's emerging that no one really knows about,
15:41
maybe we would be seeing this as, wow, amazing.
15:45
He's stepping out of his comfort zone and going and doing something.
15:48
I just would love to know if he's had any.
15:50
Has he come out with any public comments or statements about the decision?
15:54
He doesn't, really.
15:55
But he runs like, are you okay?
15:57
Yeah, that's what I'm wondering.
15:58
And like, do you think that people are...
16:00
And is he starting to lose it?
16:02
Well, I think there's kind of two takeaways from this.
16:04
It's a huge endorsement for AI, right?
16:08
Yes, it's a huge endorsement for Google, but it is a massive endorsement for the future of AI, in my opinion,
16:16
which contradicts kind of what I was saying with the video being like, oh, we're at the top of...
16:20
But I don't believe it's the top, and then it's like all downhill from here, if that makes sense.
16:26
I'm meaning like, we just need to take a breather.
16:29
We've had so much exuberance, and we just need to take a breather.
16:34
I don't think the AI is disappearing off this planet at all.
16:37
It's just everyone's got a little bit too excited.
16:40
Yeah.
16:41
But also, we did our predictions.
16:44
So we're coming up to the end of 2025.
16:47
And at the end of last year, we did our...
16:49
Can I tell you, I love that we're starting to be around for long enough,
16:52
that we're starting to create traditions.
16:54
I know.
16:55
Like, the fact that we...
16:56
I mean, at the end of this year, we're going to do the things that we learned.
16:59
I love that episode.
17:00
We've done it a couple of years in a row now.
17:02
The fact that our predictions are becoming a thing.
17:04
It's so fun.
17:05
Halloween.
17:06
You just wait for next time.
17:08
Anyway, yes.
17:09
We both said we thought Google was going to be the biggest performer, didn't we?
17:13
Yeah.
17:14
For the year.
17:15
And it's, you know, what did the share price do when he invested in it?
17:17
It was up about...
17:18
About 5% on the announcement.
17:20
But the share price is up 50%.
17:22
This year.
17:23
This year.
17:24
Sorry.
17:25
Are we killing it?
17:26
Am I going to become a fund manager?
17:30
I just wish I had backed myself a bit more.
17:34
What do you mean?
17:35
We did back ourselves.
17:36
No, I know.
17:37
But imagine putting like 50 grand in rather than like 500 dollars.
17:40
Yes, but that's exactly the opposite of what you say to do.
17:42
I know.
17:43
Diversify.
17:44
And also, if this bubble had been happening before Warren had invested.
17:48
And you already are feeling a little bit like we need to have a correction.
17:51
And you had 50 grand in Google.
17:53
Yeah.
17:54
I think you'd have direct.
17:55
Sorry for all the poor jokes.
17:56
I'm going to stop that.
17:57
I don't know where it's coming from.
17:58
But also we have a really good podcast with Net from Google.
18:03
Yes.
18:04
Where she talks about.
18:05
Where she thinks we are in terms of the AI race.
18:08
And she's so efficient.
18:09
Do you know what?
18:10
This is the first episode that my sister's ever listened to.
18:13
Wow.
18:14
She was like, so I listened to the curved podcast and she told me what I was.
18:17
I was like, that is the only episode without me in it.
18:19
You bitch.
18:20
So it was great.
18:22
No, she actually said she was loved it.
18:24
But sorry.
18:25
Anyway, the point is let's just put the link in the podcast show notes.
18:27
If you haven't listened to this, definitely recommend it as they listen after the curved
18:31
weekly.
18:32
You're kidding.
18:33
Oh my God.
18:34
The curved hotline's calling bit.
18:36
Oh my God.
18:37
Hi there.
18:38
I just listened to the episode with the chief technologist from Google.
18:44
And I have to say that it was phenomenal.
18:48
Just that whole thing about being ready, being a decision.
18:52
Yeah, that was incredible.
18:53
So by the way, that's our curved hotline.
18:56
And we love answer phone messages.
18:58
So we'll link that as well.
18:59
And the podcast show notes.
19:00
If you ever had any thoughts on the podcast or what we're talking about.
19:03
Please.
19:04
Questions tell us that it was phenomenal.
19:06
So much fun.
19:07
But yes, the ready.
19:09
Honestly, that really hit home.
19:11
I'm not going to lie.
19:12
I miss that part.
19:13
Ready is a decision, not a feeling.
19:16
But you will never be ready.
19:18
You will never feel ready for anything that's supposed to like bring you growth.
19:23
It's a decision.
19:24
You make a decision.
19:25
Okay, I'm going to be, I'm going to have kids.
19:27
I'm going to side of business.
19:28
I'm going to move countries.
19:29
You make a decision and then you're ready.
19:31
That is your ready.
19:32
It's not so good.
19:33
I was going to sit here and wait till I'm, till I feel ready to move to London.
19:37
It's like, just do it and make the decision and then you're ready.
19:39
Like it's, it was so I was like, yeah.
19:41
Amazing.
19:42
Yeah, you know, there is a fund that has been created that is dedicated to investing in
19:46
Ermiers bags.
19:47
Now we all know that, well, I'm telling you now.
19:52
Ermiers have been, Ermiers bags have been an incredible investment.
19:56
The actual bag investing in the actual bag.
19:58
Oh, actually, if you are interested in investing in design handbags, we did an amazing
20:02
episode with Meg Randall who works at Bonnum's all about design handbags and how to understand
20:08
which ones you should invest in, like why they gain value, how to make sure that you pick
20:13
authentic bag blah, blah, blah.
20:15
And I don't know, it was interesting.
20:17
One of the things that she said was back in the day you used to have these husbands coming
20:21
into auction houses being like, oh, she's got a few bags, you know, whereas now everyone's
20:26
caught on.
20:27
Yeah.
20:28
And the men are like, oh, she's got some really good bags if you want to look at those.
20:31
Yeah, everyone knows the valuable.
20:32
It's all the classics like Kelly bag that are the ones that have actually stood the test
20:36
of time.
20:37
But yeah, this is the world's first huge fund that's dedicated to investing in Ermiers bags.
20:43
So a huge fund is like a managed fund, but they can short things.
20:46
So it's just a bit more of a racy fund, I guess it's kind of a bit of more of a spicy fund.
20:50
But anyway, it's a fund.
20:52
It's just like, you know, you invest in the fund and then you get access to all the underlying
20:56
investments in the fund.
20:57
So like we have funds that invest in a whole lot of different companies and you buy, you buy
21:03
shoes in the fund and then you'd access to all these companies.
21:06
This is exactly the same thing.
21:08
So you invest in the fund and you get access to all these different Ermiers bags that
21:13
you picked.
21:14
It's so funny.
21:15
The big caveat is like, you do not own the bags.
21:20
But it's a way to get you so excited about it.
21:22
It's like anything, right?
21:23
That you can create a fund that invests in lots of different properties or a fund that invests
21:27
in lots of different pieces of art.
21:29
It's a way to diversify.
21:31
I mean, this is not really diversified because you're still investing in like one asset, which
21:37
is a handbag, but you're investing in lots of different types, different styles.
21:42
But also the reason why funds exist or the ability to buy fractional art or fractional Hermes,
21:49
Hermes, or could I sound any less cultured, bags or anything or property is generally because
21:57
you don't want to go and put heaps of money into the asset or you kind of forward the whole
22:02
piece of art or the whole handbag or the whole property.
22:06
So it's a way to get exposure to different types of investments that move in different ways
22:11
and earn money in different ways in a smaller capacity if it makes sense.
22:15
And I just love the innovation.
22:17
It's so cool.
22:18
It's now become its own asset class essentially.
22:21
Do you know what I mean?
22:22
Like this is like an alternative thing to invest in and people are creating investment vehicles
22:27
around it, like the fact.
22:29
Like if I was Hermes, I'd be like, shit yeah.
22:31
But I imagine, what would these bags be doing?
22:34
In a holding pen, not being touched so that they can hold their value as much as possible?
22:38
Yeah.
22:39
I'd love to know where they're getting the bags and how they're deciding what condition they need to be
22:45
and before they'll add them to their fund, etc.
22:47
Yeah.
22:48
So they're backed by Christie's, one of the world's largest auction houses.
22:51
So that would obviously hold on their behalf.
22:53
It would be like investing in gold.
22:55
As a fund manager, you don't hold the gold in your office or whatever.
22:59
It is somewhere and you just kind of, I guess, periphery.
23:02
They're imagining all these Hermes bags in a cupboard somewhere.
23:05
There's a fire.
23:07
But yeah, I think it's just so funny.
23:11
I think it's just quite cool to see the innovation that's happening and investing in alternative things
23:18
and people creating products around some interesting investments.
23:22
Totally.
23:23
I think it's just as investing has become more democratized and people are aware that this is, you know,
23:29
there's so many different ways that you can invest.
23:31
It's cool to see the big dogs, but you know, the big kind of financial firms that you would never think
23:37
would do something cool and different, jumping on trends like this.
23:41
Anyway, moving along, we've got lots to talk about, sorry.
23:44
On to the next.
23:45
Yes.
23:46
So the UK has banned the resale of tickets to live events.
23:50
The reason this is really interesting is there's several businesses that massively benefit from resale.
23:57
Right?
23:58
So there's a whole lot of stuff that's kind of coming to the surface, including artists that are really happy to see this happening.
24:05
Yeah.
24:06
Colby, Dua Lipa, they were all, oh, Asus was kind of the big reason this has come about.
24:11
And that's because tickets were sold out and basically none of the fans got them.
24:15
And then they're being resale for a ridiculous amount, right?
24:17
And there's bots that people have created that buy the tickets as soon as they come on sale.
24:22
So they're trying to stop that.
24:24
They're trying to stop the people because like, you can't be quicker than a bot, sorry.
24:27
So, but I think the thing about these ticket sales and the fact that they're trying to cut out that middleman that's making money,
24:33
it's great because it means that actual fans get to go, but also like the ticket price and what an artist sets
24:39
as the amount that they think is appropriate to charge their fans.
24:42
Like that's the price that people should be paying to see.
24:45
Not five times more than that.
24:47
So it would be heartbreaking for an artist to know that all these bots are buying all their tickets.
24:51
And then no actual fans get them at the rate they should be or only fans that can afford to pay triple the price
24:57
Which is shit, but like also and if you can't go you resell it for what you paid for it
25:02
Like I think that's pretty sad. Yeah, but anyway, you're right. There's companies like StubHub and VirgoGo
25:08
Which their business models have been made on
25:12
reselling tickets and you know providing a platform that can help facilitate that
25:17
StubHub has actually just IPO's that's gone public for the first time on the stock exchange a few months ago
25:24
It is its share prices down 42% in like two months. Wait, so is this it's gone down 42% in two months before this even came out
25:33
So it was not doing well anyway. Yeah, but also this people probably get whiffed of this stuff
25:38
And that's what we're talking about with the idea of share prices being forward-locking
25:42
Yeah, people probably knew that this is coming and therefore knew that that company's not gonna have much opportunity in the future
25:47
Anyway, there was this announcement that has come out because like ticket master they make a fee
25:53
When they sell the ticket like the more tickets they sell the more money they make whereas if you're now capping the
26:01
amount that can be resold that directly impacts the revenue this the resellers can make because there's this tickets like anyway
26:08
There's this tickets will be resold and but anyway, they also withdrew their guidance now
26:13
I remember the beginning of the episode I said like the one key thing of a financial result if you had no time in the world and all you could look at was like the
26:21
You know 10 seconds of an announcement. It would be the
26:25
Outlook like the guidance the company gives their financial rate card. That's what it's called like properly
26:30
Yeah, but it's not in the guidance what the future looks like so it's not what they delivered in the past
26:34
It's like this is what we think the future is gonna be yes
26:36
Okay, um in terms of the whole kind of result and
26:40
StubHub has withdrawn its guidance and that is a big big big big big red flag if you're even the fact that they're even a newly listed
26:50
Company so they have they've got to prove themselves, right? You've got it like you said you've got to you know
26:55
Keep coming and beating expectations so that people can trust you and they can you know
26:59
You say you're gonna do what you're gonna do if you have come out and said look
27:04
We actually don't know what the future of business looks like
27:07
We have to actually withdraw what we said because we have to never know where you either heard anything scary as an investor
27:13
Oh, it's like it's basically like saying we don't know what's happening
27:16
We're not gonna make any money and we can't put in a lot of companies did it during COVID because they were like
27:21
We don't even know what the world's gonna look like and it's usually when something bigger is like oh god
27:25
We're just trying we're just heat down bum up and in the office trying to figure out what this means for our business
27:29
We don't have time to put out guidance or like and also in that instance when so many other companies are there
27:34
And you also understand the the state of the world
27:37
That I think there's probably more forgiveness if you're a brand new company that's just gone public
27:42
Oh, yeah, and you know every investor seen this news and knows what's happening
27:46
It's because they have no idea what their business model is gonna be well
27:49
And it's also like if a Google came out and said look we just have to withdraw our guidance you've got
27:54
You know nearly 20 years of them being a public company where they have
27:59
You know probably over delivered most of those years you you're you're way more forgiving because you're like
28:04
Oh, well, they've delivered this over the last 20 years so we can just assume that you know
28:08
Got runs on the board. Yeah exactly. Where is this? Yeah, like oh wow
28:11
I'm gonna stand to build back that credibility
28:14
Hakes
28:15
So long and just trust from investors that you're able to do it. There's so many other things to invest in
28:20
Why would even bother with this like the market hates uncertainty and this is like
28:25
It's uncertain. Yeah, you forget could we put it on to the next story because I'm very excited at this one
28:31
So I saw a recent article in the economist a lot of the economist the title of the headline was the cost of dating your boss
28:37
And I thought in my mind this was gonna be completely different who what the articles actually about but anyway
28:44
They've done a whole bunch of research and they've analyzed lots of different workplace data from like wages job roles like all of that
28:51
The study mainly focused on women dating
28:55
Male managers because that is you know the most common setup within the office
29:00
and the findings were
29:02
Wild and it said women who date their bosses see their income go up by about six percent
29:09
But for men dating female bosses the bump is about twice as big so about 12 percent
29:17
Though if if a younger more inexperienced man is dating a more experienced more senior person within a company
29:24
It's great for a salary. It's they get double
29:27
The raise then if it was the other way around it was a younger woman dating an older man. Yeah
29:32
But so in any situation dating your boss booster salary
29:35
But you know we double were talking about the stories today and I produce Emily goes hey either you want to go on a date?
29:46
Like it also there's there's a negative side to this so when women break up with their bosses
29:53
That income drops by about 20 percent in that in in a year after that
29:58
Um many leave the jobs because
30:03
Um and companies that have this you know inter managerial I know relationships
30:09
Um see employee retention for so employees are like screw this
30:14
I'm out is that if they're in the relationship what other people see it and it just like it must be weird culturally
30:20
Yeah, you seeing this person get favoritism like yeah, so anyway
30:24
I also feel like you get to know someone really well and it's totally foreign setting to a CD flirty bar
30:32
If you're at work
30:34
You're and you're good at your job. I mean not great if you're terrible at your job
30:37
Good at your job and you're showing up to meetings and you've got great ideas and you're
30:42
Do you know what I mean like you're you're in you're on you're on yeah, and that's quite attractive and also your
30:48
You're not trying to be anything. I think in a context of like being on a date being at a party
30:54
Being in any kind of environment where it could be flirty
30:58
The undertone is that whereas in a work environment all of that stripped away will majority of the time
31:04
Which I think means that you get to know people quite well
31:07
Yeah without any of the pretense or expectation
31:10
So I can understand what happened. I just don't know how it goes from like hey you free for a clock meeting to like
31:17
You know, I'm just like when who's your who crosses that line? I know like
31:23
Hey, do you need to go to the toilet? No, I'm just like oh anyway
31:28
Um, it would make work a whole lot more fun though, wouldn't it? I mean you wouldn't get locked on
31:33
Before we actually call it a day. I've got one last thing just give me two seconds
31:40
Oh
31:52
How cute is it
31:54
Okay, so for no one that's people that aren't watching this episode um
31:57
She's got her brand you had she's forgotten she's on a podcast and so the cake is actually apparently this is a real UK phone
32:04
It's like calling the caterpillar or something. Can I eat it?
32:08
It's apparently it's a real icon. Yeah, go for it. We love you so much
32:12
You are the heart and soul of the curb
32:14
We're all going to be wealthier and have more choice freedom and independence because of you
32:19
Thank you for giving everything um
32:22
And more to the curved community and the curved team your gift is a point and shoot. Oh my god
32:28
The point and shoot. I want to win for so long
32:31
Um very
32:32
I know I'm so excited um, I got perfect thanks guys
32:37
There was also some really loving messages that came through on the screen which we'll let you read later
32:40
I feel like the episode is probably very very long and we don't need to read them out about oh my god
32:45
We do have a celebration video, which we are gonna do on the podcast. Oh, okay. We just have to do this what it's one minute one more tradition
32:55
Hello, yeah, you're cool. Yeah
32:58
It's deep seek
33:00
She was so desperate that it was like off the back of her seat in the
33:05
An appropriate budget for certain things
33:07
A lot of five favorite things doesn't it get it so far?
33:09
It's not a small brand for something as much
33:12
Exactly it exactly
33:14
But I love the infuthian
33:16
Not a bit of work. Yeah, Merat miraculously
33:21
Meanwhile
33:23
Got it
33:25
The right results. Yes, the results just came out. It's an exuberance. It's super
33:30
And entrant it's don't worry. It wasn't your finest moment. Whereas I was on track to retire
33:40
Another question here from Rebecca
33:43
Um, okay. Well, thanks so much for being here for the cove weekly everyone
33:46
And worries. Thanks. Um, I wasn't talking to you. I was talking. I was talking to the listeners
33:53
If only you could hear the unedited podcast honestly, we were just sound terrible
33:58
Oh, little BTS. Oh
34:00
I realize I how many podcasts have done but be like
34:04
Yeah, it's so many laws. Yeah, so many laws. It's hard to speak all the time.
34:08
You know, yeah, yeah, yeah, yeah, yeah, and thank goodness for editing
34:11
But hey, but they've
34:13
Thank you. I'm really excited to have some caterpillar for breakfast
34:17
Have a great week everyone and one quick note out episode on Thursday with Devaca Wood
34:22
What a beautiful name. Oh, and she's just the most beautiful intelligent
34:28
Charismatic like inspiring woman that I have had the pleasure of interviewing in a very long time
34:33
I reckon it might be one of the best episodes we've ever done. It was a combination of
34:38
Inspiring career and personal
34:41
Growth-wise like it was a really wide range of conversation
34:44
But she was so vulnerable and so honest and honestly you all learn so so much from this so that comes out this Thursday
34:51
That we'll see you next Monday for the Curve Weekly
34:55
Bye
34:56
Thank you so much for listening to the Curve Weekly
34:58
Make sure you hit the subscribe button to stay up to date with all the many business stock market news
35:02
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35:06
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35:12
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35:17
And we hope you have a good week and see you next Monday. Bye. Bye
35:22
So yeah, see you next Tuesday. Well
35:27
See you next Tuesday. I mean Monday
35:29
No actually though new episodes out every Tuesday
35:35
Okay quickly the Curve was created to empower and educate you about investing but we are not financial advisors
35:41
Our platform exists for educational purposes only and it doesn't provide personalized investing advice for your individual needs
35:46
And should not be relied upon to make an investment or financial decision
35:50
And always remember to do your own research before making any investment or financial decision
35:55
We're here for any knowledge and support you need but the final call is always yours. And thanks for being here
36:00
You got this. Yeah, we know you got this
36:03
Okay, wait, what was the last one? No, no, that's all we've got for you
36:06
Yeah, I like that last one. Are you done? Yeah, time wise or no, that's like the others are shit. Well, you've seen it. You've seen it on a high
36:13
Okay, can we leave that in because it's quite fun